Put up the link for that percentage from your University.
Facebook needs to regulate if its about the spreading news but I highly doubt it that they will be able to filter those fake news. Its almost everywhere and people are being misinformed and being spread with false information that aims to confuse people.
Social media is vastly used nowadays. It is not only used just for social, it is also being used for business, advertising, as a customer relation management tool, global exposures, as an online meeting space, for entertainment purposes, educational purposes, fund raising, online shopping space, a space where people can get feedback about things, places, services, experience and food. The usage of social media is unlimited.